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Name Your Price: New Wallet Gives Users the Ability to Set Their Own Transaction Fees

ARK, an open-source blockchain platform is releasing their brand new wallet, giving users the chance to set their own fees, enabling them to prioritize low costs over transaction speeds.

A blockchain platform which aims to offer cutting-edge technology for fast transactions has unveiled new crypto wallets that give users the ability to set their own fees, and is adding the finishing touches to the second version of its core system.

Through dynamic fees, ARK users are able to outline the maximum fee they are prepared to pay in order for their transaction to be completed. The idea is this will create a marketplace – offering flexibility to people who are prepared to wait a little longer for funds to clear in order to keep their costs down.

It is hoped that this protocol-level change will help increase levels of competition. If someone is prepared to pay a higher rate, this means that their transaction will be included in the blocks produced by delegates more quickly. There is a cap on how high the fees can go – meaning that those who are interested in a speedy service won’t face exorbitant fees.

ARK hopes to ensure that this system is achieved “throughout detracting from or confusing the seamless user experience” – and to keep its community informed, an advanced option is being made available where users can see the lowest and highest transaction fees paid over the past 30 days, in addition to the average.

Hackathon extravaganza

Ahead of the launch of ARK Core v2, the company says it has made an effort to forge ties with hackathon leagues including Major League Hacking. Unlike what the name implies, ARK says such events are a “collaborative meetup where computer programming and more is discussed and taught.”

In a blog post, the team explained: “With this partnership brings an amazing opportunity to showcase ARK and blockchain technology in peer-led technical workshops around the world. As most of the community already knows, we are very proactive when it comes to education. As such we love to engage hacker communities all over the world.”

At the start of November, ARK also performed the last stage of testing prior to Core V2’s move to the mainnet. The “testathon” enabled the platform’s enthusiasts, developers among them, to uncover potential issues and receive rewards if they contribute solutions. In announcing the challenge, which concluded on Nov 8, ARK said the event was open to everyone – not least because everyday users would be able to detect problems alongside seasoned coders.

One of the biggest developers in ARK’s upgrade is support for multisignature transactions, in addition to the dynamic fees mentioned earlier. Another feature set to be unveiled is a push button GUI that aims to make ARK cloneable and ensure it is easier to create blockchains.

The business case

As previously reported by Cointelegraph, ARK says it aims to create accessible tools which enhance understanding about blockchain technology and its potential. A SmartBridge feature also allows its blockchain to interact with other mainstream networks such as Ethereum and Blockchain.

Whereas the thought of establishing a blockchain can send shivers down the spines of many people, ARK believes it can and should be as simple as setting up a blog on Wordpress. That way, anyone with a good idea can bring their vision to fruition without the need for exhaustive investment in a team of specialist developers.

ARK says its open-source technology is free of charge and open to everyone – underpinned by a friendly community of experts who can offer advice and guidance.

Looking ahead, the platform is preparing to launch a second version of its whitepaper, along with a new edition of its desktop wallet. As the end of 2018 nears, further updates on the items outstanding in its roadmap are going to be presented to the community.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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